Houses on market for long time- no offers

[Anonymous]

Anonymous wrote:

Anonymous wrote:Why not buy one of the other similar homes on the market? There seems to be something about this one that is worth a premium.

+1

This. That said, it doesn't hurt to do a low offer and test the waters (or have your agent call the listing agent and feel them out.) But know that some sellers (ex: retirees) are fine waiting a while til they get the price they're looking for (even if it's years.)

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Why not buy one of the other similar homes on the market? There seems to be something about this one that is worth a premium.

+1

This. That said, it doesn't hurt to do a low offer and test the waters (or have your agent call the listing agent and feel them out.) But know that some sellers (ex: retirees) are fine waiting a while til they get the price they're looking for (even if it's years.)

Some sellers are arrogant and hard to deal with when it comes to negotiations. There are stories of finding damages when the home was vacated. Its just a head ache sometimes to think about all this. Better to stay heads down for now until list price comes down so that you know sellers expectation and offer that price.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Why not buy one of the other similar homes on the market? There seems to be something about this one that is worth a premium.

+1

This. That said, it doesn't hurt to do a low offer and test the waters (or have your agent call the listing agent and feel them out.) But know that some sellers (ex: retirees) are fine waiting a while til they get the price they're looking for (even if it's years.)

Some sellers are arrogant and hard to deal with when it comes to negotiations. There are stories of finding damages when the home was vacated. Its just a head ache sometimes to think about all this. Better to stay heads down for now until list price comes down so that you know sellers expectation and offer that price.

That only works if there's no one else interested in the house. If there is, this "waiting on the sidelines" or "staying heads down" too long means risking the house will be sold to someone actually giving them an offer and negotiating.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Why not buy one of the other similar homes on the market? There seems to be something about this one that is worth a premium.

+1

This. That said, it doesn't hurt to do a low offer and test the waters (or have your agent call the listing agent and feel them out.) But know that some sellers (ex: retirees) are fine waiting a while til they get the price they're looking for (even if it's years.)

Some sellers are arrogant and hard to deal with when it comes to negotiations. There are stories of finding damages when the home was vacated. Its just a head ache sometimes to think about all this. Better to stay heads down for now until list price comes down so that you know sellers expectation and offer that price.

That only works if there's no one else interested in the house. If there is, this "waiting on the sidelines" or "staying heads down" too long means risking the house will be sold to someone actually giving them an offer and negotiating.

Good point. That's the risk that one should be willing to take if they desire a better price point.
There are plenty of other homes that you can look at. For time being, its better to stay heads down as the Realtors and the Loan officers sounds desperate making calls to get the deal closed. Indication that market is moving south

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Why not buy one of the other similar homes on the market? There seems to be something about this one that is worth a premium.

+1

This. That said, it doesn't hurt to do a low offer and test the waters (or have your agent call the listing agent and feel them out.) But know that some sellers (ex: retirees) are fine waiting a while til they get the price they're looking for (even if it's years.)

Some sellers are arrogant and hard to deal with when it comes to negotiations. There are stories of finding damages when the home was vacated. Its just a head ache sometimes to think about all this. Better to stay heads down for now until list price comes down so that you know sellers expectation and offer that price.

That only works if there's no one else interested in the house. If there is, this "waiting on the sidelines" or "staying heads down" too long means risking the house will be sold to someone actually giving them an offer and negotiating.

Good point. That's the risk that one should be willing to take if they desire a better price point.
There are plenty of other homes that you can look at. For time being, its better to stay heads down as the Realtors and the Loan officers sounds desperate making calls to get the deal closed. Indication that market is moving south

Market is definitely headed south otherwise they would have got an offer. I would make a low offer as they have nothing so far and nothing for you to lose. The days of asking price and multiple bids are over.
With rates going up next month they will never sell at asking especially when it has been on the market for so long. People see that and know it is a soft market only to get worse.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Why not buy one of the other similar homes on the market? There seems to be something about this one that is worth a premium.

+1

This. That said, it doesn't hurt to do a low offer and test the waters (or have your agent call the listing agent and feel them out.) But know that some sellers (ex: retirees) are fine waiting a while til they get the price they're looking for (even if it's years.)

Some sellers are arrogant and hard to deal with when it comes to negotiations. There are stories of finding damages when the home was vacated. Its just a head ache sometimes to think about all this. Better to stay heads down for now until list price comes down so that you know sellers expectation and offer that price.

That only works if there's no one else interested in the house. If there is, this "waiting on the sidelines" or "staying heads down" too long means risking the house will be sold to someone actually giving them an offer and negotiating.

Good point. That's the risk that one should be willing to take if they desire a better price point.
There are plenty of other homes that you can look at. For time being, its better to stay heads down as the Realtors and the Loan officers sounds desperate making calls to get the deal closed. Indication that market is moving south

Market is definitely headed south otherwise they would have got an offer. I would make a low offer as they have nothing so far and nothing for you to lose. The days of asking price and multiple bids are over.
With rates going up next month they will never sell at asking especially when it has been on the market for so long. People see that and know it is a soft market only to get worse.

Homeowner still lives at the home and this is not a "need to move" situation that will drive negotiations and result into a sale.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Why not buy one of the other similar homes on the market? There seems to be something about this one that is worth a premium.

+1

This. That said, it doesn't hurt to do a low offer and test the waters (or have your agent call the listing agent and feel them out.) But know that some sellers (ex: retirees) are fine waiting a while til they get the price they're looking for (even if it's years.)

Some sellers are arrogant and hard to deal with when it comes to negotiations. There are stories of finding damages when the home was vacated. Its just a head ache sometimes to think about all this. Better to stay heads down for now until list price comes down so that you know sellers expectation and offer that price.

That only works if there's no one else interested in the house. If there is, this "waiting on the sidelines" or "staying heads down" too long means risking the house will be sold to someone actually giving them an offer and negotiating.

This seems out of touch with reality. In my area, there is less than a month’s worth of inventory on market and houses still going under contract in days.
Good point. That's the risk that one should be willing to take if they desire a better price point.
There are plenty of other homes that you can look at. For time being, its better to stay heads down as the Realtors and the Loan officers sounds desperate making calls to get the deal closed. Indication that market is moving south

Market is definitely headed south otherwise they would have got an offer. I would make a low offer as they have nothing so far and nothing for you to lose. The days of asking price and multiple bids are over.
With rates going up next month they will never sell at asking especially when it has been on the market for so long. People see that and know it is a soft market only to get worse.

[Anonymous]

I will contact the sellers agent and ask why is the house overpriced by 100k compared to other houses nearby?
Tell him you are interested but not going to over pay by 100k.
Let the agent talk.

[Anonymous]

Anonymous wrote:What would one offer for a home that was sold at 650K in 2018, tax assessment at 520K but seller listed for 950K 3 months ago. No buyers and no offers so far. Obviously there are other homes in the vicinity for 780 K to 850 K range on the market as well in similar size and shape.
What will be a reasonable offer for this overpriced home?

List prices can be complete nonsense. Offer whatever you think best and the seller can say no. ARL and Mclean have scads of similar floor plan unrenovated bi-levels that were/are listed. Price range 600k difference. Those things are garage on lower level, enter front door and go up or down stairs. 3 bedrooms 2 baths plus living, dining, kitchen on upper level.

Is that a Virginia house? Assessments are FMV-fair market value. ARL and Fairfax have permit searches but some improvements don't require permits [new cabinets and fixtures with no change in plumbing or electric]. Decks require permits.

Maybe the sellers spent 150-200k in improvements?

[Anonymous]

Anonymous wrote:

Anonymous wrote:What would one offer for a home that was sold at 650K in 2018, tax assessment at 520K but seller listed for 950K 3 months ago. No buyers and no offers so far. Obviously there are other homes in the vicinity for 780 K to 850 K range on the market as well in similar size and shape.
What will be a reasonable offer for this overpriced home?

List prices can be complete nonsense. Offer whatever you think best and the seller can say no. ARL and Mclean have scads of similar floor plan unrenovated bi-levels that were/are listed. Price range 600k difference. Those things are garage on lower level, enter front door and go up or down stairs. 3 bedrooms 2 baths plus living, dining, kitchen on upper level.

Is that a Virginia house? Assessments are FMV-fair market value. ARL and Fairfax have permit searches but some improvements don't require permits [new cabinets and fixtures with no change in plumbing or electric]. Decks require permits.

Maybe the sellers spent 150-200k in improvements?

We spent over $100K over 16 years on major improvements. It might help to look at the house on the inside to see if the extra $100K is major upgrades, opened floor plan, etc.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:What would one offer for a home that was sold at 650K in 2018, tax assessment at 520K but seller listed for 950K 3 months ago. No buyers and no offers so far. Obviously there are other homes in the vicinity for 780 K to 850 K range on the market as well in similar size and shape.
What will be a reasonable offer for this overpriced home?

List prices can be complete nonsense. Offer whatever you think best and the seller can say no. ARL and Mclean have scads of similar floor plan unrenovated bi-levels that were/are listed. Price range 600k difference. Those things are garage on lower level, enter front door and go up or down stairs. 3 bedrooms 2 baths plus living, dining, kitchen on upper level.

Is that a Virginia house? Assessments are FMV-fair market value. ARL and Fairfax have permit searches but some improvements don't require permits [new cabinets and fixtures with no change in plumbing or electric]. Decks require permits.

Maybe the sellers spent 150-200k in improvements?

We spent over $100K over 16 years on major improvements. It might help to look at the house on the inside to see if the extra $100K is major upgrades, opened floor plan, etc.

House is off market now. We will wait for other house at reasonable price.